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A consensus seems to be emerging among strategists at various Wall Street firms that stocks can continue to gain value next year, though at a fraction of the pace of this year's surprisingly good results.

But even if true, that doesn't mean that a near-term correction isn't in the cards. A few fresh articles certainly give investors reason to be concerned.

Marketwatch

Hulbert's evidence? The Dow Jones Industrial Average, in inflation-adjusted terms, is no higher today than it was at the 2000 and 2007 tops. The key here is using inflation-adjusted numbers, which is the best way to compare index levels over time. Based on 2013 dollars, the stock index's current level is close to 16,000, the October 2007 bull-market top was near 15,800 and the Dow at its early 2000 top stood at close to 16,200.

"It should give us pause to note that the market — strong as it has been — is only back to the level that turned the market back on two prior occasions," writes Hulbert, who also pens a column for this website.

That being said, it would be a "sign of significant strength," Hulbert writes, if the market were able to break through the "resistance" created by the 2000 and 2007 tops.

"On the other hand, if the market were to turn down from close-to-current levels — and thereby form a triple top — then it would mean that the market on three occasions had tried, and failed, to break through to higher levels," Hulbert adds. "According to the theory behind technical analysis, that would mean that current levels represent particularly strong resistance — and make it that much harder for the market to break through in the future as well."

And for those who see significance in corporate earnings guidance, Thomson Reuters' Alpha Now investment website points out that the ratio of negative-to-positive corporate earnings guidance for the fourth quarter "is the highest on record," a troubling sign for stocks.

Thomson Reuters' Alpha Now

"The current N/P earnings guidance ratio of 11.4 for Q4 2013 is the most negative on record," writes Alpha Now. "Prior to this, 6.8 was the highest negative-to-positive ratio. Some broad reasons companies are giving for negative guidance are that consumers remain cautious about spending, and that October's federal government shutdown reduced government spending."

Meanwhile, Bespoke Investment Group's website points out another indicator of a toppy market: High-yield bond spreads – the difference between the yield on junk debt and Treasuries of comparable maturity – have hit a six-year low.

Bespoke Investment Group

According to Bespoke, "when spreads are rising it indicates that investors are demanding more yield in order to take on the added risk of the issuers, while falling spreads indicate that investors are comfortable taking on the added risk.

"With high-yield spreads at their lowest levels since October 2007, skeptics will argue that the last time spreads were at these levels marked the peak of the bull market," Bespoke points out.

But based on recent history, there's reason not to throw in the towel based simply on the low-yield spread. "We would note that in October 2007, spreads had already been at comparably low levels for more than three and a half years before the bear market started," Bespoke adds. "Additionally, back in the late 1990s we also saw a prolonged period where spreads were at comparably low levels before the market began to falter."

On Tuesday, U.S. regulators finally issued the widely anticipated Volcker Rule, a series of measures designed to curb risky practices at Wall Street firms that can generate big profits during good times. Among those practices: proprietary trading.